F2 continues to drive innovation in the reimbursement technology space. Today, we appeared on the front cover of HealthTech Magazine’s September “Revenue Cycle” issue. We co-authored a new article about the potential to recover massive value for healthcare leaders in the Medicare cost report reimbursement area through a technology driven approach.
Here are some key quotes from the article:
“In the typical health system, Medicare cost report reimbursement been left technologically dormant. Too many reimbursement leaders still find themselves manually preparing reports, scrambling for documentation to satisfy auditors, and then still receiving too many notices of disallowed reimbursement adjustments.”
“A lack of integrated technology solutions [for Medicare cost report reimbursement] allows an average of 10% of eligible reimbursement (equating to billions of dollars nationally) to disappear through a perpetually leaky bucket. Unfortunately, this problem for healthcare leaders remains inadequately addressed.”
“The tools, workflows, and people gathering data for cost reporting varies widely between health systems. This wheel of components is being reinvented continually, resulting in providers foregoing lasting long-term improvement as a whole. People-driven processes are dated and cannot solve these problems dynamically over the long-term.”
“A vision is forming to eliminate common pains for all. Eliminate fiscal intermediary challenges through more transparent reporting, make data gathering easy, and reimbursement submission a breeze. Billions of dollars will flow back through health systems, who can continue to provide for their noble, critical mission in our lives.”
In summary, we believe that a common Medicare reimbursement and reporting technology, coupled with more standardized industry practices will improve the overall net revenue of hospitals and health systems across the country. We have made our technologies available to hospitals, health systems, consulting and advisory firms as well as use by our own internal teams. HORNE’s use of F2’s technology coupled with their professional services in one example of change occurring in the Medicare reimbursement space nationally. We believe every health system or advisory firm could benefit from use of a standardized technology solution. Focus on the issues and risks. Worry less about the underlying data accumulation!